Legendary Hampton Bays bar up for sale

The Boardy Barn bar in Hampton Bays may not be serving beer for much longer: The property that hosts the well-known establishment has hit the market. Newsday reports that the popular Hamptons bar can hold up to 720 people sitting and 1,488 standing. No listing price has been announced for the establishment, which was built in 1984. JLL is handling the sale. With the property up for sale, its future is very much in question.

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Industrial space “effectively sold out” amid leasing frenzy, Prologis says

Global supply chain disruptions have sent industrial tenants into a leasing frenzy, pushing warehouse vacancy to unprecedented lows. Prologis’ portfolio was 98 percent leased and just under 97 percent occupied at the end of the third quarter, the San Francisco-based warehouse REIT reported Friday. Moreover, its development pipeline was already 70 percent pre-leased — the firm’s highest pre-lease rate ever. “Space in our markets is effectively sold out,” CFO Tom Olinger said on the firm’s

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Starwood raises $10B for distressed real estate plays

Barry Sternlicht’s next big real estate play is officially underway after Starwood Capital Group raised more than $10 billion to fund deals for distressed real estate. The Starwood Distressed Opportunity Fund XII easily outpaced a previous fund that raised about $7.6 billion in 2018, the Wall Street Journal reports. All of the money raised in this fund was generated during the pandemic. The company is planning on investing the money in both the United States

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Robert Durst gets life in prison for murdering Susan Berman

Robert Durst was sentenced in Los Angeles to life in prison Thursday for the 2000 murder of Susan Berman at her Benedict Canyon home. The 78-year-old former heir to the Durst Organization fortune will not be eligible for parole, according to the New York Times. Los Angeles County Superior Court Judge Mark Windham denied Durst’s lawyers’ request for a new trial. They are expected to appeal the decision. The courtroom was full for the sentencing,

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Just-sold Shelter Island hotel borrows $17M for transformation

The largest hotel on Shelter Island is getting a pricey makeover. Fort Amsterdam Capital, in partnership with Tilden Park Capital Management, have closed on a $17.4 million first mortgage bridge loan to finance the recapitalization and renovation of the Pridwin Hotel and Cottages. The loan will be used to transform the East End hotel into a full-service luxury resort featuring enlarged guestrooms, a spa and fitness center, a modernized lobby and a 100-seat restaurant and

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Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent

The landlord of the Four Seasons Hotel at 57 East 57th Street is suing tenant Zilli USA for $2.7 million in arrears. Ty Warner Hotels and Resorts alleged in a complaint filed this week that the American subsidiary of the French luxury fashion company skipped rent on its lease for a portion of the property’s ground floor. Zilli signed the lease in 2009, but the agreement has since been amended several times. Starting in 2019,

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Two Upper East Side apartment buildings head to foreclosure sale

A pair of Upper East Side apartment buildings are headed to foreclosure. New York-based Aulder Capital is planning a UCC foreclosure sale for the interests in a 37-unit multifamily assemblage at 162-164 East 82nd Street. The sale is scheduled for Nov. 3. If the foreclosure sale goes through, Aulder can take over the equity stake in the properties from owner 77 Varet Holding Corp., which is led by apparel entrepreneur Ruben Azrak. Bankruptcy and foreclosure

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Masoud Shojaee’s Shoma sells Doral apartments to Avanti Residential for $103M

Shoma Group sold its recently completed and fully leased Sanctuary apartment building in Doral for $102.5 million, marking continued investment appetite for South Florida multifamily projects amid a hot market. Avanti Residential, based in Denver, bought the 226-unit complex at 9400 Northwest 41st Street, according to a Shoma news release. The deal breaks down to $453,539 per unit. Still Hunter of Walker & Dunlop represented the seller. Coral Gables-based Shoma, led by Masoud Shojaee, completed

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Private equity firm carves out 14k sf at Aurora’s Solar Carve building

Private equity and venture capital firm Stripes is changing up its current office digs — but it isn’t going far. The company is moving to the “Solar Carve” building at 40 10th Avenue, according to the Commercial Observer. The move to the 160,000-square-foot, 10-story building will mark a departure from their current Meatpacking District building just a block away at 402 West 13th Street. The company signed a 10-year lease at the Aurora Capital Associates-owned

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Resurrection! Work resumes on stalled Clinton Hill residential project

That big hole in the ground in Brooklyn’s Clinton Hill is finally getting filled in. Two years after workers dug out the foundation of an apartment building on the corner of Grand Avenue and Fulton Street, only to have it sit dormant so long that at least one tree sprouted, construction has finally started again. A completion date is even in sight. Contractors breaking ground on the lot this week told The Real Deal that

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